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|
MIRA INFORM REPORT
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Report No. : |
492289 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VIJAY TANKS AND VESSELS PRIVATE LIMITED (w.e.f. 08.09.2011) |
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|
|
|
Formerly Known
As : |
VIJAY
TANKS AND VESSELS LIMITED |
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Registered
Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai –
400080, Maharashtra |
|
Tel. No.: |
91-22-25684419 / 25910667 |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.08.1969 |
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Com. Reg. No.: |
11-014340 |
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Capital
Investment / Paid-up Capital : |
INR 54.641 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29132MH1969PTC014340 |
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|
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IEC No.: [Import-Export Code No.] |
0388034076 |
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TIN No: |
Not Available |
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|
GSTIN : [Goods & Service Tax
Registration No.] |
27AAACV4048A1ZP |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV01330A |
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|
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PAN No.: [Permanent Account No.] |
AAACV4048A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in executing number of turnkey projects involving construction / Manufacturing of large Storage tanks of different configuration, Pressure Vessels, Process Columns etc. for the Refinery, Petrochemical, Power etc. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 6100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1969 and it is having good track records.
It is engaged in manufacturing of storage terminals and process equipment, primarily catering to oil and gas, petrochemicals, fertilizers and chemicals industry. For the financial year 2017, the company has registered decrease in its revenue from operation as compared to previous year but maintained decent profitability margin of 6.69%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and debt free balance sheet. Further, rating also reflects from its established market position in the Engineering, Procurement and Construction (EPC) business for oil and gas storage terminals and manufacturing of heavy process equipment with proven execution capabilities along with its reputed clientele and improvement in the profitability profile during the year. However, these strengths are partially offset by susceptibility of its profitability to volatility in raw material prices and foreign exchange rates. Trade relations are reported as fair. Business is active. Payments terms are seem to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating (A+) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
01.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
01.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 20.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-22-25684419)
LOCATIONS
|
Registered Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai –
400080, Maharashtra, India |
|
Tel. No.: |
91-22-25684419 / 25910667 |
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Fax No.: |
91-22-25684419 |
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E-Mail : |
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|
Website : |
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Area : |
5000 Sq. Ft. |
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Location : |
Owned |
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Locality: |
Commercial |
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Head Office / Works 1 : |
National Highway No. 8, Sankarda, Vadodara – 391350, Gujarat, India |
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Tel. No.: |
91-265-2840168/ 2840171/ 2840572 |
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Fax No.: |
91-265-2840577/ 2841305 |
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E Mail: |
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Area : |
550000 Sq. ft. |
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Location : |
Leased |
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Kandla Export Works 2 : |
Plot No. 315 to 324, 442-D and 443 E, Kandla Special Economic Zone,
Gandhidham-370230, Gujarat, India |
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Tel No: |
91-2836-227562/ 253805 |
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Fax No.: |
91-2836-227562 |
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E Mail: |
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Area : |
60,000 Sq. ft. |
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Location : |
Owned |
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Works 3 : |
State Highway No. 20, Mithoi Lalpur, Khambhalia, Jamnagar - 361305,
Gujarat, India |
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E Mail: |
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Branch Office 1: |
Dwarka Sadan, C-42/4, Connaught Place, New Delhi -
110 001, India |
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Tel No: |
91 - 11 - 2341 6595 |
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Fax No.: |
91 - 11 - 2341 7796 |
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Email: |
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Branch Office 2: |
No.10, 5th Cross Street, New Colony, Chromepet, Chennai - 600 044, Tamilnadu, India |
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Tel No: |
91 - 44 - 22410366 |
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Email: |
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Regional Office: |
Located At: Abu Dhabi |
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Projects |
Located at:
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ranganathan Raghavan |
|
Designation : |
Chairman and Managing director |
|
Address : |
9, Saraswati Society, Vasana Road, Vadodara - 390007, Gujarat, India |
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Date of Birth/Age : |
26.10.1970 |
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Qualification : |
B.E. Mechanical |
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Experience : |
18 Years |
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Date of Appointment : |
01.04.2010 |
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PAN No.: |
ABQPR2549J |
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DIN No.: |
00376645 |
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|
|
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Name : |
Mr. Sunderrajan Veeraraghavan |
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Designation : |
Whole-time director |
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Address : |
Tarangan Society, Near Geb School Akota, Vadodara - 390007, Gujarat,
India |
|
Date of Birth/Age : |
14.04.1953 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
01.04.2010 |
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DIN No.: |
00376765 |
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|
|
|
Name : |
Mr. Kannan Rajagopalan |
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Designation : |
Whole-time director |
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Address : |
3, Yogi Sagar Apartment, Urmi Society Alkapuri, Vadodara - 390007,
Gujarat, India |
|
Date of Birth/Age : |
15.06.1954 |
|
Qualification : |
B. Sc. |
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Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00376719 |
KEY EXECUTIVES
|
Name : |
Niraj Trivedi |
|
Designation : |
Practicing Company Secretary |
|
Address : |
218 - 219 - 220, Saffron Complex, Fatehguni, Vadodara - 390002, Guiarat, India |
|
Tel No: |
91 - 265 - 2784388 |
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Mob. No: |
91-9825028079 |
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Email: |
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|
Website: |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Prema Raghavan |
650 |
0.12 |
|
Ranganathan Raghavan |
431673 |
79.00 |
|
Padma Raghunathan |
28455 |
5.21 |
|
Kausalya Srinivasan |
28665 |
5.25 |
|
Rajalakshmi Raghavan |
28814 |
5.27 |
|
Vasundara Raghavan |
28157 |
5.15 |
|
Total |
546414 |
100.00 |
As on 26.09.2017
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in executing number of turnkey projects involving construction / manufacturing of large Storage tanks of different configuration, Pressure Vessels, Process Columns etc. for the Refinery, Petrochemical, Power etc. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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|
Name : |
Sharp and Tannan Associates Chartered Accountants |
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Address : |
87, Nariman Bhavan, 227, Nariman Point, Mumbai, Maharashtra, India |
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PAN No.: |
AAAFS1034J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
Usra Udyog Private Limited, India CIN No.: U28100MH1964PTC012845 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
690000 |
Equity Shares |
INR 100/- each |
INR 69.000 Million |
|
10000 |
Preference Shares |
INR 100/- each |
INR 1.000 Million |
|
|
Total |
|
INR 70.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
546414 |
Equity Shares |
INR 100/-
each |
INR 54.641
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
54.641 |
54.641 |
54.641 |
|
(b) Reserves and Surplus |
2067.521 |
1865.333 |
1724.710 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2122.162 |
1919.974 |
1779.351 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
35.357 |
39.074 |
41.109 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
8.422 |
6.815 |
7.462 |
|
Total Non-current
Liabilities (3) |
43.779 |
45.889 |
48.571 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
338.176 |
144.637 |
322.733 |
|
(c) Other
current liabilities |
1173.437 |
1316.669 |
1196.978 |
|
(d) Short-term
provisions |
33.162 |
10.142 |
31.257 |
|
Total Current
Liabilities (4) |
1544.775 |
1471.448 |
1550.968 |
|
|
|
|
|
|
TOTAL |
3710.716 |
3437.311 |
3378.890 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
388.773 |
388.502 |
418.787 |
|
(ii)
Intangible Assets |
1.921 |
4.778 |
7.635 |
|
(iii) Tangible assets
capital work-in-progress |
0.085 |
29.041 |
8.910 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
41.400 |
42.798 |
28.865 |
|
(e) Other
Non-current assets |
0.000 |
0.961 |
1.373 |
|
Total Non-Current
Assets |
432.179 |
466.080 |
465.570 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
758.413 |
433.273 |
0.000 |
|
(b)
Inventories |
80.195 |
98.993 |
391.038 |
|
(c) Trade
receivables |
974.399 |
771.542 |
972.894 |
|
(d) Cash and
bank balances |
1069.504 |
1510.291 |
996.489 |
|
(e)
Short-term loans and advances |
100.569 |
97.153 |
162.302 |
|
(f) Other
current assets |
295.457 |
59.979 |
390.597 |
|
Total
Current Assets |
3278.537 |
2971.231 |
2913.320 |
|
|
|
|
|
|
TOTAL |
3710.716 |
3437.311 |
3378.890 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3363.141 |
3935.910 |
3983.912 |
|
|
Other Income |
13.731 |
35.454 |
5.899 |
|
|
TOTAL |
3376.872 |
3971.364 |
3989.811 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2500.484 |
2729.853 |
2906.173 |
|
|
Employee benefit expense |
416.876 |
780.544 |
697.685 |
|
|
CSR expenditure |
2.910 |
3.966 |
0.000 |
|
|
Other expenses |
59.719 |
110.048 |
69.730 |
|
|
TOTAL |
2979.989 |
3624.411 |
3673.588 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
396.883 |
346.953 |
316.223 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.342 |
0.262 |
0.385 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
396.541 |
346.691 |
315.838 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
49.232 |
51.117 |
56.385 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
347.309 |
295.574 |
259.453 |
|
|
|
|
|
|
|
Less |
TAX |
122.103 |
103.728 |
85.878 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
225.206 |
191.846 |
173.575 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
877.682 |
727.354 |
620.689 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity Shares |
23.018 |
23.018 |
23.018 |
|
|
Adjustment relating to Fixed Assets |
0.000 |
0.000 |
25.892 |
|
|
Transferred to General Reserve |
22.600 |
18.500 |
18.000 |
|
|
Balance
Carried to the B/S |
1057.270 |
877.682 |
727.354 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
72.936 |
238.959 |
142.914 |
|
|
TOTAL EARNINGS |
72.936 |
238.959 |
142.914 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
143.411 |
8.829 |
684.395 |
|
|
Capital Goods |
0.000 |
0.000 |
1.998 |
|
|
TOTAL IMPORTS |
143.411 |
8.829 |
686.393 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
412.15 |
351.10 |
317.66 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(95.349) |
1037.909 |
389.427 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(203.602) |
934.097 |
316.330 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
105.75 |
71.55 |
89.14 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
3.45 |
5.10 |
4.09 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors / Purchases * 365] |
|
49.36 |
19.34 |
40.53 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income / Inventories] |
|
4.95 |
3.50 |
0.81 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed Assets] |
|
1.02 |
0.82 |
0.73 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.42 |
0.43 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / NetWorth) |
|
0.73 |
0.77 |
0.87 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth) |
|
0.18 |
0.22 |
0.24 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial Charges] |
|
1160.48 |
1324.25 |
821.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
6.70 |
4.87 |
4.36 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets) * 100] |
(%) |
6.07 |
5.58 |
5.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth) * 100] |
(%) |
10.61 |
9.99 |
9.75 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
2.12 |
2.02 |
1.88 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories) / Current
Liabilities] |
|
2.07 |
1.95 |
1.63 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total Assets] |
|
0.57 |
0.56 |
0.53 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets / Total Current
Liabilities] |
|
2.12 |
2.02 |
1.88 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
54.641 |
54.641 |
54.641 |
|
Reserves & Surplus |
1724.710 |
1865.333 |
2067.521 |
|
Net
worth |
1779.351 |
1919.974 |
2122.162 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3983.912 |
3935.910 |
3363.141 |
|
|
|
(1.205) |
(14.552) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3983.912 |
3935.910 |
3363.141 |
|
Profit/ (Loss) |
173.575 |
191.846 |
225.206 |
|
|
4.36
% |
4.87
% |
6.70
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF COMPANY’S FINANCIAL
AFFAIRS AND FUTURE OUTLOOK
The financial performance for the year was stable with a decline in gross turnover of 14.55% to INR 3363.141 Million which is balanced by EBIDTA moving up by 14.41% at INR 396.883 Million and PAT up by 17.39% at INR 225.206 Million. Earnings per share moved up to INR 412.15 as compared to INR 351.10 for the previous year. The net worth rose by 10.53% to INR 2120.700 Million.
COMPANY OVERVIEW
VTV is amongst the first generation of indigenously founded engineering and construction companies in India. The Company was built amidst the confluence of two powering influences - the buccaneering spirit of its Founder Sri. R. Ramanujan & the technical excellence of his son Sri. R.V. Raghavan.
Sri R. Ramanujan’s entrepreneurial journey was marked by the courage to embrace risk and scale, the generosity to give with abandon even in the hardest of times and the detachment to forego interest in personal wealth. To questions on whether he felt any fear while taking the enormous risks that he did, his pithy response was that he came to Bombay from Kumbakonam in a dhoti and if required he was willing to return to Kumbakonam in a dhoti. Beneath his sharp mind, enigmatic aura and disruptive approach was a unique man with a profound sensibility – who forged a path that most feared to tread and made it the playground of his life.
Sri R.V. Raghavan embodied an attitude of innovation that continuously and creatively challenged the status quo and set the quality and service standard benchmarks for the industry to follow. The drafting of the Indian Code for Storage Tanks and the development of the patented Varaha Sphere are a few amongst many milestones that mark his evolution as a pioneer who mentored a generation of Indian Engineers in this sector. It was his warm and inspiring leadership and his honest and uncompromising approach towards his work that enabled him to make the arduous journey in translating his father’s bold vision into reality.
VTV’s journey began during the first decade of India’s independence as a nation, a time during which the challenge of developing local capabilities to build a young nation was at its zenith. Through the sincere intent, intense efforts and relentless commitment of generations of people, VTV has built a great legacy of engineering skills and metal-working excellence in providing services for delivering Oil and Gas Storage Terminals and Heavy Process Equipment. Their credentials include benchmark engagements that rank us amongst the leading engineering and construction companies in the world in their specialized sphere of operation.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The fourth industrial revolution, centred around AI (Artificial Intelligence) and the convergence of digital, physical and biological technologies, promises to radically alter the world they live in. Over the next few decades, the way energy is produced and consumed is also expected to be impacted by the changes in this new era.
The nature, extent and time cycles of those changes remain a matter of debate. However, the fundamental drivers and the opportunities they will create are already in action around us and expected to only grow.
For the Oil and Gas business, the shift is being driven by the Electric Car. With an increase in battery efficiency and a reduction in costs through mass production, the first mainstream electric car is currently in the process of being launched in the USA. While the global transition to an Electric Car is expected to be slow, given the multiple inter-linkages on the ground that would be required to facilitate it around the world, it is expected to gradually shift the Oil and Gas sector away from its central role in the transportation sector.
How this will transform the Oil and Gas industry remains to be seen. However, in the Indian market a strong momentum towards increasing refining and petrochemical capacities is evident, along with projects to improve the quality of yields. The momentum in the local market is expected to endure over a significant cycle time, thereby giving us the space to explore the nature of the changes as they unfold and prepare for them accordingly.
PERFORMANCE REVIEW
AND PROSPECTS FOR THE COMING YEAR
Their operational performance during the year remained stable and the volume of fresh orders booked during the year provide us with a good degree of revenue visibility. With continued investments planned in the domestic LNG, LPG, Refinery, Petrochemicals and Fertilizer sectors, they look forward to the future with optimism.
PROJECTS DIVISION
The Cryogenic Ethylene Storage and Handling System at Opal’s Dahej Petrochemical Facility was commissioned successfully. The challenges of maintaining the facility over such an extended period of delays and coordinating the refurbishment requirements prior to commissioning were handled in a very effective manner by their project team.
2 Nos. 170,000 Cu.M. LNG Tanks for the Dahej Phase 3 Terminal Expansion Project have been successfully commissioned. 2 Nos. 160,000 Cu.M. LNG Tanks for the GSPC-Adani LNG Terminal at Mundra are ready for commissioning. The concurrent execution of these two large and intensive LNG Tank construction projects demonstrates VTV’s strong readiness to handle the wave of LNG Tank projects slated for execution in the country.
Building further on their decades of EPC capability in the Cryogenic Storage Tank space, VTV secured EPC contracts for an Ammonia Storage and Handling System for the Ramagundam Fertilizer Project and an LPG Storage System for the BPCL Haldia Import Terminal Project. These contract awards provide us with the right degree of momentum in a very core area of their business, to enable us to continue to strengthen their niche capabilities and strategic positions in the market.
Bidding work is proceeding for a range of turnkey storage and handling system projects in the domestic and international markets. They are hopeful of converting some of these into orders which would help sustain the value-added growth momentum of the Company.
MANUFACTURING
DIVISION
Both the Sankarda and Kandla Shops had a reasonable year with a good mix of orders. Significant efforts are being made to enhance their registrations with larger Refinery / Petrochemical / Fertiliser / Steel customers and introduce their Manufacturing Division to prospective customers. Enlistment with customers such as Haldor Topsoe (Denmark), PDO (Oman) and other local companies have been recently secured. With investment momentum returning to the market, they will strive to secure work that supports the development of their Shops in line with the broad strategic directions laid out by us.
SANKARDA WORKS
The order for the design and supply of a Vertical Plate Coke Drum for BORL’s Bina Refinery is progressing well. The unique prefabrication process was smoothly executed and field assembly activities are currently at an advanced stage. VTV are the only Indian licensees of Lummus Technology Inc. for this technology and this is the first vertical plate Coke Drum in the country. This design is expected to enhance the durability of the Coke Drum and could become the industry standard going forward.
They have received a re-order from Kribhco for another SS Process Condensate Stripper Column with complete internals, identical to the one supplied last year. Work on this equipment is also progressing well.
Order for supply of Clad Steel Columns for BPCL Mahul and NRL Numaligarh, 4 Nos. Oxidiser Reactors for Deepak Phenolics and a Pressure Vessel for BORL Bina have all been successfully delivered. The Reactors for DPL, Dahej were a landmark order, with the 150 km transportation of the equipment being the largest diameter consignment shipped from this shop.
Fresh orders for over dimensioned Drums, Separators and Towers to be prefabricated at their Shop and assembled on site at RFCL, Ramagundam and BPCL, Kochi have been received and are underway. The first order for Pressure Vessels for the Bhatinda Petrochemical Project has also just been secured.
KANDLA WORKS
Work on the order for the Columns for the Dangote Oil Refinery Project in Nigeria have commenced. Due to revisions in the sizing of the Desalter Vessels, these are currently under commercial amendment and expected to start soon.
A domestic order from the IOC Haldia Refinery for the design and supply of a Clad Steel Column has been successfully completed and shipped by sea to the project site.
VTV has delivered 2 Nos Heavy Wall Propylene Guard Bed Pressure Vessels to DPL Dahej well within the contractual delivery date.
M/s. Ras Laffan Olefins Company Limited (RLOC), Qatar has awarded a contract for Engineering, Procurement and supply of a Cracked Gas Dryer which is currently underway.
INDUSTRIAL SERVICES
DIVISION
While the volume of business executed through VTV’s nascent Industrial Services Division will be of a much smaller magnitude, this Division will leverage VTV’s strong niche technical strengths related to Basic and Detailed Design, Inspection and Fabrication/Construction by extending:
Value-added consulting services to their customers supply and fabrication services for specialised components and equipment upgrades
Orders from the Caribbean market continue to flow for the design and supply of Tank components. VTV has also recently been awarded a contract from M/s Albalagh Trading and Contracting Co, Qatar for Design and Supply of 3 Nos tanks in knock down condition. Engineering and procurement of raw materials are underway. These orders continue to leverage VTV’s strong design engineering capabilities and coastal fabrication facility to enable us to cater to a wide range of opportunities in markets globally.
An inspection services assignment to evaluate the refurbishment requirements for a decommissioned refrigerated Ammonia Storage Tank was executed for Deepak Fertilizers and Petrochemicals Corporation Limited at Taloja.
After VTV’s involvement on CPCL’s Residue Upgradation Project, where Coke Drums were supplied last year, VTV provided additional services for the extension of an Atmospheric Column Reflux Drum and the revamp of other equipment with the supply of pre-fabricated nozzle assemblies.
CORPORATE INFORMATION
Subject the Company was incorporated under the Companies Act, 1956 on August 1, 1969.
The Company is principally engaged in executing number of turnkey projects involving construction / manufacturing of large Storage tanks of different configuration, Pressure Vessels, Process Columns etc. for the Refinery, Petrochemical, Power etc. These Projects are delivered across the Indian subcontinent, the Middle East, Africa and Australia.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C34762104 |
10533054 |
YES BANK LIMITED |
10/11/2014 |
- |
- |
350000000.0 |
Nehru Centre, 9th Floor,Discovery of India, Dr. A.B. Road, Worli,MumbaiMH400018IN |
|
2 |
G01581362 |
90229311 |
State Bank of India |
05/02/1998 |
29/02/2016 |
- |
3200000000.0 |
Industrial Finance Branch,4th Floor,Midtown Heights, Jetalpur Road,VadodaraGJ390007IN |
|
3 |
G37610359 |
10544104 |
KOTAK MAHINDRA BANK LIMITED |
13/01/2015 |
- |
15/02/2017 |
303000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
4 |
G10286359 |
10249703 |
IDBI Bank Limited |
01/11/2010 |
17/05/2012 |
24/08/2016 |
1150000000.0 |
IDBI Tower, WTC ComplexCuffe Parade,MumbaiMH400005IN |
|
5 |
G07119068 |
10469094 |
IDBI Bank Limited |
03/01/2014 |
- |
16/06/2016 |
880000000.0 |
IDBI Tower, WTC ComplexCuffe Parade,MumbaiMH400005IN |
|
6 |
C78565561 |
10463408 |
ICICI Bank Limited |
27/11/2013 |
- |
21/01/2016 |
755000000.0 |
Land Mark Race Course CircleAlkapuriVadodaraGJ390007IN |
|
7 |
C78567229 |
10255182 |
ICICI Bank Limited |
25/11/2010 |
06/01/2014 |
21/01/2016 |
150000000.0 |
Land Mark, Race Course Circle,AlkapuriVadodaraGJ390007IN |
|
8 |
C78566304 |
10344443 |
ICICI Bank Limited |
07/03/2012 |
06/01/2014 |
21/01/2016 |
640000000.0 |
Land Mark, Race Course Circle,AlkapuriVadodaraGJ390007IN |
|
9 |
C30804363 |
10135542 |
The Karur Vysya Bank Limited. |
23/12/2008 |
19/11/2010 |
29/10/2014 |
145200000.0 |
13, Sidcup Towers,Race Course Circle, Alkapuri,VadodaraGJ390007IN |
|
10 |
C29251956 |
10373568 |
Standard Chartered Bank |
10/08/2012 |
- |
23/09/2014 |
285000000.0 |
Abhijeet II Ground FloorNear Mithakali Six RoadsAhmedabadGJ380006IN |
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.